Commissioner for Insurance (CFI)/Chief Executive, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, on Tuesday declared that the July 30, 2026 deadline for the recapitalisation of insurance companies remained sacrosanct, adding that no extension will be granted.
Omosehin also said the commission was yet to verify that any insurance company had fully complied with the recapitalisation requirement, partly because their capital valuation had not been verified.
Omosehin spoke at the opening of a seminar for insurance correspondents in Abuja.
He said amending the deadline will amount to a breach of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which gave impetus for the new capital requirements.
Represented by Deputy Commissioner for Insurance, Technical, Dr. Usman Jankara, the CFI said, legally, no firm could be adjudged to have met the new recapitalisation thresholds until its compliance claims had been duly assessed, as stipulated in NIIRA.
Providing an update on the recapitalisation exercise, Omosehin said, “Yes, calculations are ongoing. This is part of the improvement process and constitutes a real solvency framework.
“We have issued guidelines on the role of capital valuation. Companies are required to submit key reports on their recapitalisation plans. The key point is that insurance entities must submit capitalisation plans for evaluation.
“Our duty now is to monitor progress toward the attainment of the recapitalisation plans as determined by individual entities. Companies whose plans meet minimum capital requirements are expected to comply within the stipulated timeline.”
He said, “To ensure proper assessment, we have commenced engagements with firms such as KPMG, Deloitte, PwC, and others to ensure transparency in valuation.
“They will assess assets, investments, and capital mix.
“After submission, the commission will review the reports and conduct its own evaluation where necessary. As of now, NAICOM has not verified any company. No company has been approved or adjusted yet.
“We insist that when companies claim compliance, they must go through the full verification process to confirm that minimum requirements have been met.”
The new capital thresholds, which were introduced by the NIIRA 2025, significantly raised minimum capital requirements for different sectors of insurance to strengthen the industry, setting N10 billion for Life, N15 billion for Non-Life, N25 billion for Composite, and N35 billion for Reinsurance, alongside a Risk-Based Capital (RBC) framework, with a one-year compliance deadline ending July 30, 2026.
The CFI said under his watch, NAICOM had pursued reforms that balanced prudential oversight with innovation and market growth, leading to stronger supervision for sustainable growth; adoption of risk-based supervision and capital requirements; focus on high-risk institutions, and promotion of risk-informed decision-making.
He said through improved market conduct and faster redress, NAICOM had entrenched enhanced transparency, fair sales practices, quicker claims settlement, and zero tolerance for non-payment of genuine claims.
He said the commission had also deepened inclusive insurance growth by expanding micro-insurance, takaful, insurtech, and products tailored for MSMES, farmers, transport operators, and digital marketplaces.
Among other milestones, he said NAICOM had fostered a culture of innovation and instituted a technology aligned structure in the commission through the establishment of an Innovation Hub and Technology Directorate within the commission’s structure and regulatory sandbox to nurture ideas, like embedded insurance, usage-based pricing, and parametric solutions.
Omosehin stressed that insurance remained a tool for social stability and economic development, stating that trust is the foundation of effective insurance and regulation.
He said NAICOM remained committed to innovation, transparency, and policyholder protection, and urged the media to work with the commission to educate, inform, and inspire Nigerians to embrace insurance as a vital part of their lives and businesses.
He stated NAICOM’s vision was to safeguard policyholders and improve confidence in the industry by driving effective claims management, intensify consumer protection measures to improve public trust and increase the commission’s visibility and digital presence.
James Emejo
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